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Lendingclub
LendingClub 2023 Auto loan review published 2023-01-01 at 00:00:00
The story was written by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor for Bankrate and a freelance writer who is passionate about writing to demystify personal finance topics. Emma has contributed to companies and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers feel confident to control their finances through providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering financial calculators and tools that are interactive as well as publishing independent and objective content. This allows users to conduct studies and compare data for free - so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does not influence the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be available to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely the opinions of the reviewer and are not checked or approved by any advertising company. The information, including rates and fees provided in the review are accurate at the time of the review. Look over the information in the upper right hand corner of the page and the lender's website for the most up-to-date details.
At a look 3.8 Rating: 3.8 stars out of five
Bankrate Score
Rating of Availability: 3.5 stars out of 5
The Affordability Score: 3.6 stars out of 5
Customers Experience Score: 4.4 stars out of 5
Transparency Rating 5 stars out of 5
Compare rates for auto loan rates
About LendingClub's Loan amount of $4,000-$55,000 $55,000
Min. credit score of 600
APR from 2.99 percent to 24.99 percent
Funds available in Typically within 2 days
Pros and cons of LendingClub auto loans Not every auto loan is eligible for refinancing through LendingClub, and if your credit isn't good, it may not be the best option.
PROS No origination fees
Apply online and receive an immediate offer
CONS High maximum APR
Not available for all cars.
State and vehicle restrictions
You may have heard of LendingClub to be a peer-to peer (P2P) lending source for personal loans, but it can also help you with auto loan refinances. LendingClub offers a non-traditional method to financing. Instead of private funding like traditional banks, LendingClub features a streamlined online application process that connects individual lenders with customers to assist with various funding requirements.
Do you qualify? LendingClub has some requirements for auto loan refinancing. Applicants should be at least 18 years old, and possess an automobile that meets the following basic requirements The vehicle must not be more than 10 years old Vehicle must be 120,000 miles or less Remaining balance of the auto loan amount must range in the range of $4,000 to $55,000. The existing automobile loan must be at least one month old Existing auto loan must have at minimum 24 months remaining. The vehicle must be licensed and registered in the state in which you currently reside. residence
Ineligible vehicles Aston Martin Chevrolet Express G-Series Van Cross Lander Daewoo Ferrari Hummer Isuzu Lamborghini Maserati Mercury Nissan Leaf Oldsmobile Pontiac Saab Saturn Suzuki Volkswagen Diesel
What we like and what don't like LendingClub makes it easy to check your approval odds and choose the loan that's right for you, but limitations apply that could make you ineligible to refinance your auto. We like the fact that there are no origination fees. A lot of lenders charge high loan origination fees -- which will cover the costs of processing the initial loan application -- but LendingClub doesn't charge these charges for auto loan refinance. Apply online and receive an instant offer. Applying for an LendingClub car loan refinance is simple and you'll receive an offer that includes rates available to you within several minutes. What we don't like High APRs that exceed the maximum. If your credit score isn't in most optimal condition, you could end up with an 24.99 percent APR. It's not available for all models. If you own a vehicle that is older than 10 years it isn't eligible for an loan refinance with LendingClub. Your car also has to have less than 120,000 miles on it and not be among the prohibited models or models. There are restrictions on registrations for state vehicles. Refinancing is unavailable to consumers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How to contact LendingClub LendingClub offers a few choices to assist you with any auto loan refinance queries. You can visit its Help page to determine whether they have an answer to your question. If not, you can get in touch by phone or via email. The customer service line is open between 5 a.m. and 5 p.m. (PT) Monday through Friday and 8:30 a.m. until 5 p.m. on Saturdays.
Auto loan types offered LendingClub provides P2P lending options for a variety of loan kinds. For auto loans, it only offers loan refinancing that comes with competitive rates. The average borrower saves the equivalent of $86 in monthly payments, according to the website. LendingClub doesn't offer auto loans to help with the initial purchase of a automobile at this moment.
How do you apply for the loan through LendingClub The process to apply through LendingClub begins on their website. You will be required to provide certain personal information, such as your complete name, address and income. In addition, you'll be required to give details about your current auto loan with details about the VIN (vehicle identification number) as well as the date, year, model, year and the trim level. If you're eligible to receive an auto loan you'll need to submit your requested documentation to verify the information that you have included on your loan application, and get an official loan approval.
Documentation required for the application License for driver and vehicle registration proof of insurance Documents that confirm the income of the applicant, such as an income stub
LendingClub FAQs
Are you able to get preapproved for an loan with LendingClub? You can find out your rate in minutes without impacting the credit rating. If you decide to proceed by submitting an application for a loan inquiry, you will be subject to a hard credit inquiry will be initiated.
Does LendingClub have a credit score requirement? LendingClub doesn't provide the minimum credit score requirements for auto refinancing. However, the best rates are typically only available to borrowers with excellent or excellent credit.
What is the rate at which Bankrate rates LendingClub
Overall score
3.8
The availability
3.5
LendingClub has the following list of manufacturers and models that are not eligible for refinancing, and has restrictions on mileage and age. They also don't offer loans to those whose cars are registered in more than 15 states.
Affordability
3.6
There is no origination charge, which is an enormous advantage for LendingClub, however its high APR maximum, stringent eligibility criteria and the lack of discount on autopay push it closer to the middle of the pack.
Customer experience
4.4
LendingClub has an application, an online portal with a quick funding time and customer service available six all week.
Transparency
5
Rates and fees are readily accessible on the website of LendingClub and allows for prequalification.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether charges and rates are offered and the range of APR all affect lender scores. These scores are split into 4 categories. Availability : Loan amounts, repayment options, dealership requirements, and availability in the state all play a role in this category. Affordability: This section houses APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you'll have to wait to buy for, the customer service hours as well as whether an app is available and autopay payment options are all accounted within this segment. Transparency: This section accounts for the availability of fees and rates along with whether prequalification is available.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review are accurate up to the date that the review was written. Review the information in the upper right hand corner of the page, and the lender's site for the most recent details.
Written by
Emma Woodward
Contributing writer
Emma Woodward is a former contributor to Bankrate and freelance writer who loves writing to demystify personal finance issues. She has written for businesses and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances with clear, well-researched information that break down complex topics into manageable bites.
Auto loans editor
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or for you clicking certain hyperlinks on our site. This compensation could affect the way, location and in what order products are listed and categories, unless it is prohibited by law. This is the case for our loan products, such as mortgages and home equity and other home lending products. Other factors, such as our own website rules and whether the product is available in the area you reside in or is within your own personal credit score could also affect the manner in which products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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